Lotte Department Store launches second voluntary retirement program

Lotte Department Store is launching a voluntary retirement program — its second since the first in 2021.

The retailer said Monday it will accept applications through Oct. 5. The program is open to employees with 20 or more years of service, or 15 or more years for those at the GL2 level and below, on a voluntary basis.

Participants will receive a severance package equivalent to 40 months of base salary, along with a reemployment support payment of 20 million won ($14,500) — or 25 million won for those at the GL2 level and below. Tuition support of up to 10 million won per child is also available. The company will additionally provide three months of paid leave and reemployment training.

Lotte Department Store said the program aims to "build a workforce foundation for sustainable growth amid a rapidly changing retail environment." The company plans to hire new employees in the second half of the year, following a round of recruitment in the first half.